8月13日，上交所发布关于梧州市城建城市投资运营集团有限公司2025年面向专业投资者非公开发行公 司债券（第一期）挂牌的公告。 依据《上海证券交易所非公开发行公司债券挂牌规则》等规定，上交所同意梧州市城建城市投资运营集 团有限公司2025年面向专业投资者非公开发行公司债券（第一期）于2025年8月14日起在上交所挂牌， 并采取点击成交、询价成交、竞买成交、协商成交交易方式。该债券证券简称为"25梧运01"，证券代码 为"259663"。 来源：金融界 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The bond market is still subject to certain disturbances, but the fundamentals and capital still support the market. The yield center may remain low in the second half of the year, but attention should be paid to potential disturbances and grasp trading opportunities [20]. - The issuance of the "Notice" by the National Association of Financial Market Institutional Investors is conducive to strengthening market constraints and self - discipline management, improving market operation efficiency, and promoting the high - quality development of the bond market [5]. - The weakening US employment data has significantly increased the expectation of a US interest rate cut in September, which may promote international capital inflows, narrow the Sino - US interest rate spread, and create opportunities for domestic reserve requirement ratio and interest rate cuts [6]. Summary by Relevant Catalogs Market Hotspots - The National Association of Financial Market Institutional Investors issued the "Notice" to standardize bond issuance and underwriting, aiming to improve the market - oriented pricing efficiency of bonds, strengthen market constraints and self - discipline management, and promote the high - quality development of the bond market [5][12][13]. - The Fed maintained the interest rate unchanged in July, but the weak US employment data in July has increased the expectation of a US interest rate cut in September. If the Fed cuts interest rates, it may have a three - fold impact on the domestic bond market [6][16][17]. Macroeconomic Data - In July, the official manufacturing PMI was 49.3%, a decrease of 0.4 percentage points from June. The supply and demand sides of the manufacturing industry both contracted, and the economic growth momentum was still weak. The Caixin manufacturing PMI was 49.5%, a decrease of 0.9 percentage points from June [7][21][22]. Money Market - Last week, the central bank made a net investment of 690 million yuan through open - market operations. After the month - end, the capital demand decreased, and the capital prices of most terms declined. The Shibor showed a trend of rising first and then falling [26]. Primary Market of Credit Bonds - Last week, the issuance scale of credit bonds decreased compared with the previous week, with a total issuance of 217.421 billion yuan, a decrease of 106.896 billion yuan from the previous period. The cancellation scale of issuance increased. The issuance costs of credit bonds showed mixed trends [28][29]. Secondary Market of Credit Bonds - Last week, the trading volume of cash bonds in the secondary market decreased, with the average daily trading volume decreasing by 12.1408 billion yuan to 184.6795 billion yuan. The yields of interest - rate bonds and most credit bonds declined, the credit spreads mostly expanded, and the rating spreads showed mixed trends [40]. Appendix - There were several bond default and extension events in the bond market, including "R Hongda 1", "15 Huazi Bond", "16 Huaye 02", etc. [53]. - There were a series of regulatory and market innovation dynamics, such as the National Association of Financial Market Institutional Investors' issuance of multiple notices to improve relevant information services and regulatory requirements [53][55].

Group 1 - The credit bond market is expected to recover, with a forecasted issuance volume of approximately 16.3-16.7 trillion yuan in 2025, reflecting a year-on-year growth of about 3%-6% [4][48][49] - The issuance of innovative products, particularly in the technology and green sectors, is accelerating, with technology bonds surpassing 1 trillion yuan in issuance, growing by 29.88% year-on-year [16][20] - The financing environment for private enterprises remains challenging, with only 1,400 billion yuan issued in the first quarter, accounting for just 3.62% of the total credit bonds [27][28] Group 2 - The first quarter saw a contraction in total credit bond issuance, with a total of 3.65 trillion yuan issued, a decrease of 2,104.14 billion yuan year-on-year [6][12] - The structure of credit bond issuance is shifting towards medium to long-term bonds, with those over three years accounting for nearly 40% of the total issuance [12][20] - The real estate sector continues to have the highest credit spread, at 84 basis points, indicating ongoing challenges despite some signs of recovery [45][46] Group 3 - The secondary market experienced a tightening of liquidity, with total credit bond transactions decreasing by 4.48% year-on-year to 12.92 trillion yuan [34] - The yield on 10-year government bonds rose from 1.60% at the beginning of the year to 1.90% by mid-March, reflecting market volatility [37][40] - Credit spreads narrowed across various industries, with most sectors experiencing a reduction in spreads, particularly in technology and transportation [43][45]

Market Overview - The bond market showed mixed performance with the 30-year Treasury ETF (511090) down by 0.14% as of 10:10 AM [1] - The latest price for the 30-year Treasury futures contract (TL2509) was 118.02 yuan, down 0.13%, with a trading volume of 30,061 contracts and total open interest of 86,091 contracts [1] - Other Treasury futures contracts showed slight variations: 10-year Treasury (T2509) down 0.01%, 5-year Treasury (TF2509) up 0.03%, and 2-year Treasury (TS2509) up 0.04% [1] Funding Conditions - The central bank conducted a 1,185 billion yuan 7-day reverse repurchase operation with a stable bidding rate of 1.40% [1] - Major interbank bond yields generally increased, with the 10-year Treasury active bond (250011) yield rising by 2.2 basis points to 1.713%, the 10-year policy bank bond (250210) yield up by 2.6 basis points to 1.816%, and the 30-year Treasury active bond (2500002) yield increasing by 2.85 basis points to 1.9495% [1] Foreign Investment Trends - The Chinese bond market is experiencing a new wave of foreign investment, with foreign holdings currently at 2.3% of the total market [2] - As of March 2025, international investors are expected to hold approximately 600 billion USD in Chinese bonds, with a focus on government bonds amounting to 300 billion USD, representing half of foreign allocations [2] - The trend indicates that central banks globally will continue to increase their holdings in RMB and Euro assets, positioning RMB assets as a preferred choice for international investors [2] Product Insights - The Pengyang 30-year Treasury ETF (511090) is the first ETF tracking the 30-year Treasury index, offering T+0 trading attributes for investors to capitalize on short-term market fluctuations [3] - This product serves as a high-elasticity cash management tool and duration adjustment tool, making it attractive for investors in both volatile and low-interest-rate environments [3]

Group 1: Chinese Bond Market - The Chinese bond market is a significant option for long-term capital from overseas central banks and pension funds, with a current foreign investment share of only 2.3%, indicating substantial room for growth [1] - The low correlation of the Chinese bond market with major overseas markets provides a unique risk diversification value for global investment portfolios [1] Group 2: U.S. Inflation and Federal Reserve Policy - The U.S. July CPI year-on-year is reported at 2.7%, aligning with expectations, while the core CPI is at 3.1%, slightly above the forecast [2] - The expectation is that the Federal Reserve will implement three rate cuts within the year, each by 25 basis points, which could significantly impact the corporate bond market [2] Group 3: Company Bond ETF Performance - As of August 12, 2025, the company bond ETF (511030) is trading at 106.14 yuan, with a one-year cumulative increase of 1.98% [4] - The latest scale of the company bond ETF has reached 22.356 billion yuan, with recent inflows and outflows remaining balanced [5] - The company bond ETF has shown a historical return of 13.57% over the past five years, with a monthly profitability rate of 79.95% [5] Group 4: Company Bond ETF Management and Tracking - The management fee for the company bond ETF is set at 0.15%, while the custody fee is 0.05% [6] - The tracking error for the company bond ETF year-to-date is reported at 0.013%, indicating a high level of tracking accuracy [7] - The ETF closely follows the China Bond - Medium to High Grade Corporate Bond Spread Factor Index, which serves as a benchmark for investment performance [8]

周二（8月12日）纽约尾盘，美国10年期基准国债收益率涨0.39个基点，报4.2888%，北京时间20:30发 布美国CPI通胀数据时，从4.28%上方的平盘跳水至4.24%下方刷新日低，随后反弹，在22:17涨至 4.3160%刷新日高。两年期美债收益率跌3.76个基点，报3.7308%，日内交投于3.7745%-3.7018%区间， CPI数据出炉时也从3.77%下方的平盘跳水并刷新日低，后续持续低位震荡。20年期美债收益率涨2.56个 基点，报4.8545%，数据发布时跌至4.7948%刷新日低，随后反弹至4.8802%刷新日高；30年期美债收益 率涨2.62个基点，报4.8786%。 三年期美债收益率跌3.06个基点，五年期美债收益率跌1.40个基点，七 年期美债收益率跌0.52个基点。三个月期国库券/10年期美债收益率利差涨2.420个基点，报+5.155个基 点。02/10年期美债收益率利差涨4.146个基点，报+55.586个基点，20:30跌至+48.092个基点刷新日低， 随后反弹至57.414个基点刷新日高。02/30年期美债收益率利差涨6.382个基点，05/30年期美债收益率利 差涨4 ...

Group 1 - Shenzhen Securities Information Co., Ltd. will officially launch the Shenzhen AAA State-Owned Enterprise Credit Bond Index and the Shenzhen AAA Private Enterprise Credit Bond Index on August 15, 2023, to meet market demand for high-grade credit bonds [1][2] - The Shenzhen AAA State-Owned Enterprise Credit Bond Index includes 1,072 sample bonds with a total market value exceeding 1.3 trillion yuan, covering 94% of the underlying market, with an average daily trading volume of 4.5 billion yuan [1] - The index has an annualized yield of 4.0% since its base date of December 28, 2018, with a Sharpe ratio of 3.6 and a weighted duration of approximately 2.52 years, catering to conservative income-oriented investment needs [1] Group 2 - The Shenzhen AAA Private Enterprise Credit Bond Index consists of 95 sample bonds with a total market value of approximately 178.7 billion yuan, covering 98% of the underlying market [2] - The index has an annualized yield of 4.0% since its base date of December 30, 2022, with a Sharpe ratio of 3.8 and a weighted duration of about 1.87 years, indicating a moderately low risk level [2] - Shenzhen Securities Information Co., Ltd. has released over 50 bond indices by July 2025, covering various categories including government bonds, policy financial bonds, local government bonds, corporate bonds, and financial bonds, providing diverse investment targets and performance benchmarks [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - As of August 11, 2025, in the stock of credit bonds, the valuation yields and spreads of private enterprise industrial bonds and real estate bonds are generally higher than other varieties. Compared with last week, the yields of non - financial and non - real estate industrial bonds mostly declined, with the 1 - year - within private enterprise private non - perpetual varieties having a relatively larger decline, averaging 6.9BP; in real estate bonds, the yields of each variety basically declined, and the 1 - year - within varieties also had a larger average decline. In financial bonds, varieties with high valuation yields and spreads include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. More than half of the yields of each variety of financial bonds declined compared with last week [3][8]. Group 3: Summary by Related Catalogs 3.1 General Information on Credit Bonds - As of August 11, 2025, in the stock of credit bonds, private enterprise industrial bonds and real estate bonds have higher valuation yields and spreads. Non - financial non - real estate industrial bonds and real estate bonds' yields mostly declined compared with last week, and financial bonds' yields also had a downward trend in more than half of the varieties [3][8]. 3.2 City Investment Bonds 3.2.1 Public Offering City Investment Bonds - In public offering city investment bonds, the weighted average valuation yields in Jiangsu and Zhejiang provinces are below 2.4%. Bonds with yields over 4.5% are in prefecture - level and district - county - level areas of Guizhou. Guangxi, Yunnan, Gansu and other regions also have high spreads. Compared with last week, the yields of public offering city investment bonds mainly declined, especially in key provinces. The varieties with large downward amplitudes include non - perpetual bonds of prefecture - level cities in Inner Mongolia within 1 year, non - perpetual bonds of prefecture - level cities in Gansu within 1 year, perpetual bonds of district - county - level areas in Chongqing from 1 - 2 years, and non - perpetual city investment bonds of prefecture - level cities in Hebei from 1 - 2 years [2][14]. 3.2.2 Private Offering City Investment Bonds - In private offering city investment bonds, the weighted average valuation yields in coastal provinces such as Shanghai, Zhejiang, Guangdong, and Fujian are below 2.8%. Bonds with yields higher than 4% are in prefecture - level cities in Guizhou. Shaanxi, Yunnan, Gansu and other regions also have high spreads. Compared with last week, the yields of each variety in private offering city investment bonds mostly declined. The varieties with large downward amplitudes are non - perpetual bonds of prefecture - level cities in Inner Mongolia from 2 - 3 years, non - perpetual bonds of prefecture - level cities in Yunnan from 3 - 5 years, non - perpetual bonds of prefecture - level cities in Liaoning within 1 year, and perpetual city investment bonds of prefecture - level cities in Shaanxi from 3 - 5 years, with corresponding declines of 10.7BP, 9.4BP, 9.0BP, and 8.8BP respectively [2][24]. 3.3 Industrial Bonds - The valuation yields and spreads of private enterprise industrial bonds and real estate bonds are generally higher than other varieties. Non - financial non - real estate industrial bonds' yields mostly declined, with the 1 - year - within private enterprise private non - perpetual varieties having an average decline of 6.9BP. Real estate bonds' yields also basically declined, and the 1 - year - within varieties had a larger average decline [3][8]. 3.4 Financial Bonds - Financial bonds with high valuation yields and spreads include leasing company bonds, urban and rural commercial bank capital supplementary tools, and securities sub - bonds. More than half of the yields of each variety of financial bonds declined compared with last week. In leasing bonds, private varieties had more significant declines, with private perpetual bonds within 2 years declining by more than 6BP. In general commercial financial bonds, the interest rates of each variety fluctuated within a narrow range, not exceeding 1.5BP. In Tier 2 capital bonds, the varieties with more significant declines were mostly perpetual bonds of urban and rural commercial banks within 1 year, and the decline amplitude of perpetual bonds of urban commercial banks within 1 year was greater than 5BP. In addition, the yield of 2 - 3 - year private non - perpetual sub - bonds of securities companies increased by 2.9BP [4][8].

金融界8月12日消息，上证指数高开高走，上证国债指数 (国债指数，000012)下跌0.05%，报225.72点， 成交额143.1亿元。 数据统计显示，上证国债指数近一个月下跌0.05%，近三个月上涨0.48%，年至今上涨1.45%。 从债项评级分布来看，上证国债指数持仓100.00%为无评级债券。 资料显示，上证国债指数样本每月调整一次，定期调整生效日为每月首个交易日，定期调整数据提取日 为生效日前一个交易日。遇临时调整时，满足条件的新发债券自上市次日起进入指数。若样本券发生暂 停上市、摘牌等事件，视情况自事件生效之日起剔除出指数；样本券发生其他事件，参照计算与维护细 则处理。 来源：金融界 据了解，该指数样本券由在上海证券交易所上市的固定利率国债构成，指数采用国债发行量加权计算。 该指数以2002年12月31日为基日，以100.0点为基点。 ...

Group 1 - The article discusses the impact of increased taxes on newly issued bonds, particularly in the context of the current high valuation of RMB long-term pure bonds, indicating a potential bearish market ahead [3][5]. - It highlights that the increase in taxes and fees is often a qualitative signal of market cycles, suggesting caution when such news arises, as it may indicate that certain assets are overvalued [3][5]. - The article notes that the new tax policy will not immediately affect existing bonds, but the current valuation of RMB long-term pure bonds is not attractive from an investment perspective [5]. Group 2 - The impact on short-term bond funds is minimal due to their low volatility, making them less susceptible to the changes in tax policy [6]. - The article suggests that the fixed income plus (固收+) products will benefit from the situation, as they primarily allocate to pure bonds while also including some stocks and convertible bonds [7]. - There is a steady demand for stable investments, which is expected to flow into fixed income plus products as a result of reduced yields from deposits and long-term pure bonds [8].